The escalation of tensions in the Middle East, particularly around the Strait of Hormuz, is causing a surge in oil prices on world markets.
Oil markets experienced a spectacular surge on Wednesday July 8, 2026, against a backdrop of renewed tensions in the Middle East and growing concerns about the security of the Strait of Hormuz, the nerve center of global hydrocarbon trade. Investors fear further supply disruptions as the region is once again the scene of clashes and attacks on ships.
Sharp rise in crude prices
The price of a barrel of Brent from the North Sea, for delivery in September, jumped 5.21% to $78.02. During the session, it even crossed the $80 mark, a first in more than two weeks. A barrel of West Texas Intermediate, for delivery in August, climbed 4.37% to $73.52. This outbreak reflects the nervousness of the markets in the face of the rapid deterioration of the situation in the Gulf region.
The attacks on ships reported at the start of the week put a stop to navigation in the very strategic Strait of Hormuz, where 20% of the world’s oil and liquefied natural gas normally transit. These attacks “have increased the level of risk to an unacceptable level for carriers and insurers”, underlines John Kilduff, of Again Capital, to AFP.
A truce called into question by Washington
Donald Trump warned on Wednesday that Washington was preparing to strike Iran again, after deadly clashes having rendered the ceasefire obsolete, according to him. These events “seriously undermine confidence in the ability of the current 60-day truce to still lead to a permanent peace agreement”, explains Jorge Leon, of Rystad Energy, to AFP. Washington also reinstated its sanctions on Iranian crude on Tuesday, lifted by the memorandum of understanding signed on June 17 which allowed the reopening of the Strait of Hormuz.
Although he said he no longer wanted to “have any dealings” with Iranian leaders, judging that negotiating was “just a waste of time”, Donald Trump nevertheless indicated that his emissaries could continue their discussions: “I think that what is happening will end very quickly”, assured the American president. An opinion shared by John Kilduff, who tempers: “We are back in a climate of hostility, and that is what triggered today’s rise. There is certainly a lot of bellicose rhetoric circulating, but with President Trump, the tension in these types of situations skyrockets and can fall again just as quickly.”
